Ria Financial Services. (Ria), the third-largest global money transfer company and a subsidiary of Euronet Worldwide Inc. (NASDAQ:EEFT), announced today the expansion of its payout network in Mexico by signing a correspondent agreement with Grupo Elektra. With the addition of more than 1,800 Groupo Elektra payout locations, the agreement expands Ria's payout network in Mexico by 11%.
"We couldn’t be more pleased to announce the addition Elektra to our growing global correspondent network. Elektra has been serving consumers in one of Ria’s key corridors for more than 50 years, and now together we will offer fast, reliable and affordable money transfer services to Mexico,” said Michael J. Brown, Chairman and Chief Executive Officer, Euronet Worldwide. “We look forward to a mutually beneficial, exciting and long-term relationship with Elektra."
“We are very excited about the Ria – Elektra alliance as we will be closer to Ria's remittance clients through its 146,000 locations,” said Elektra.
According to the World Bank, nearly 12 million Mexican citizens living in the U.S. sent more than $22.7 billion in remittances home in 2011. As a leader in the money transfer industry in Mexico, Elektra’s services are highly sought out. With one of the largest payout networks in Mexico, Grupo Elektra has unparalleled brand recognition. Ria locations throughout the United States are promoting this new relationship with marketing collateral in more than 2,000 locations along with social media and Interactive Voice Response messaging.Company Profile Ria Financial Services was founded in 1987 and today is the third-largest money transfer company in the world, with a global network of 146,000 locations in 136 countries on 6 continents. In addition to money transfer services, Ria offers bill payment, mobile top-ups, prepaid debit cards, check cashing and money orders. Ria is committed to bringing payment convenience to our customers and to millions of people who have not had it before. We strive to offer service excellence and the most competitive and reliable remittance payment services to the world.